Home » Pendragon launches open banking with Pinewood and Vyne

Pendragon launches open banking with Pinewood and Vyne

by WorldFinance
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Pendragon is providing its customers a new payment option with Pinewood DMS and Vyne open banking in-store and online.

Vyne, the account-to-account payments platform, has been selected to deliver open banking payments to Pinewood, to provide dealers an instant payment addition to their digital omnichannel offering.

Pendragon’s brands can now bypass card networks and their associated fees by offering Vyne’s payment solution.

Bill Berman, chief executive officer at Pendragon, said: “Customers are at the heart of what we do, and we strive to provide the best possible experience for those choosing their next car.

“It was great to become the first automotive brand in the UK to offer account-to-account payments in dealerships in June and now, by also integrating Vyne into Pinewood DMS, we are thrilled to be able to improve the automotive retail experience for more customers across the country.”

The integration between Vyne and Pinewood eliminates the need for manual bank transfers by leveraging open banking technology.

In addition, as account-to-account payments are settled in real-time, Pinewood’s integration with Vyne enables customers to make a deposit and leave with their vehicle on the same day.

Karl MacGregor, CEO and co-founder at Vyne, said: “It’s fantastic that Pinewood has chosen to offer Vyne’s open banking solution to its customers.

“As Pendragon is one of the largest and most influential automotive retailers in the UK, we are thrilled to be the selected account-to-account provider trusted in providing a seamless open banking experience to even more automotive customers.”

Earlier this year, Renault certified Pinewood DMS as an approved international dealer management system provider, in recognition that it supports a range of Renault interfaces to help franchisees operate their businesses effectively.

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In 2020, Pinewood launched an online payment feature for dealers’ aftersales departments to enable customers to make contact-free payments ahead of picking up their car after servicing.

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